TMC The Metals Company (TMC -4.09%) stock is posting another day of big gains in Thursday's trading. The seabed-mining company's share price was up 9.2% as of 3 p.m. ET and had been up as much as 15.6% earlier in the session.
TMC's valuation is moving higher today following recent news that the Trump administration is set to impose a 50% tariff on copper imports. The company's stock is now up more than 500% year to date.
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TMC stock surges on copper tariff news
The Trump administration recently said that it plans to implement a 50% tariff on copper imports on Aug. 1. The move is in line with recent moves from the administration to support the increase of domestic mineral sourcing.
Rising geopolitical tensions between the U.S. and China have the Trump administration aiming to bolster domestic mineral product capabilities, and deep-sea mining could play a significant role in the country shifting sourcing away from its chief rival on the global stage.
What's next for TMC?
In April, President Trump signed an executive order to accelerate permit grants for companies in the deep-sea-mining space. Soon after the executive order, TMC submitted filings for its first commercial mining permit.
While it's not necessarily guaranteed that the company will be given the go ahead to proceed with its mining operations, recent developments suggest that TMC will have its permit applications approved. The political dynamic is likely to continue creating a more lax regulatory backdrop and suggests an increasingly favorable environment to launch and scale operations for TMC.
